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Signs the euro zone economy may have turned a corner just as many begin to question the timing of a U.S. interest rate hike could soon put a floor under the euro after a 13 percent plunge so far this year.

Russian stocks are up today, for the fifth day in a row and at the highest level in two weeks. What's going on? As we wrote here earlier in the week, foreign investors have been fleeing this market. However it could be that some of them are starting to put aside concerns about the potential for further sanctions on Moscow and are scouring Russia's stock markets for contrarian buying opportunities.

Euro zone policymakers like to talk. They often contradict each other at separate speaking engagements on the same day. But they have struck a chorus in recent weeks, asserting that deflation is not a threat.

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Amid the euphoria surrounding Ireland’s removal from junk credit rating status, it’s easy to get swept along by the consensus tide of opinion that the Emerald Isle is the “poster child” for euro zone austerity.

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Ukraine said today it was issuing a $3 billion in two-year Eurobonds at a yield of 5 percent in what seems to the start of a bailout deal with Russia. That sounds like a good deal for Kiev -- its Eurobond maturing next year is trading at at a yield of 8 percent and it could not reasonably expect to tap bond markets for less than that. In addition, Ukraine is also getting a gas price discount from Russia that will provide an annual saving of $2.6 billion or so.

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European shares will be the best performers next year, according to the latest Reuters poll of more than 350 strategists, analysts and fund managers. Frankfurt’s DAX is already up nearly 20 percent this year and is forecast to rally another 10 percent in 2014.